In recent decades, OOT stores have become an integral part of the BE/NL retail sector ranging from large supermarkets to specialized retail chains. Traffic congestion around retail parks and the negative impact on inner city retail have become concerns, but OOT stores and retail parks remain a popular shopping destination. They withstood the e-commerce acceleration during COVID. In this note we discuss how the OOT segment adapted to the new online reality and managed to maintain high occupancy r...
This note gathers feedback from the group meetings and the break-out sessions. In total 23 companies presented in group meetings and/or break-out sessions. More than 100 guests found their way to the venue and some more followed virtual meetings. Physical attendance is clearly on the rise after the COVID disruption. Investing remains a people's business. The 4 break-out sessions made for informative additions to the C-level meetings and a nice platform for discussion. Tuesday morning concentrate...
This conference book is your guide to the KBCS Real Assets Conference 2024. It offers a program, an intro to the break-out sessions and company profiles with financial data and some useful info. The break-out sessions aim to educate and contemplate on certain trends. Last year we hosted “Energy as a business”. This year, we offer 4 break-outs on hot topics.
ASM International: 4Q23 preview, good year ahead. CFE: Preview - focus on quality of order book. CM.com: Preview 2H23/FY23. Just Eat Takeaway.com: Preview FY23, more profits ahead. PostNL: FY23 results, FY24 outlook well below, looks to improve LT performance. Proximus: BICS CEO let go after Telesign tensions, Niel/Iliad invest €1.2bn in Tele2. Retail Estates: Sound operational trends and portfolio valuation
Retail Estates reports its 3Q23/24 trading update in line with the guidance. NRI over 9 months 23/24 amounts to EUR 103.03m, +11.8% YoY, vs. our expectations of 102.81m. The rental growth benefited from investments and indexation. EPRA EPS came in at EUR 4.68, +4.2% like-for-like vs last year. Corrected for FBI compensation, the average share count also increased by 3% and partly explains the lower EPS vs. NRI growth. The FY23/24 dividend was repeated at EUR 5.00, in line with our estimate. Th...
Q3 results closed end December. EPRA Earnings stood at EUR 67.36m, up 2.3% YoY, with per share result at EUR 4.68 (-1.3%, shares outstanding +3% YoY). Excluding the impact of one-off Dutch REIT tax refund received in FY22/23, EPRA EPS was up 4.2% YoY.Occupancy remains stable at 97.9%. Portfolio value reaches EUR 2.01bn (+6.5% YoY) as a result of Alexandrium Megastores acquisition closed in October 2023 (+EUR 81.5m) and positive portfolio revaluation (+EUR 40.4m, unchanged vs H1). EPRA NTA stood ...
We adjust our EPRA EPS forecasts for the fiscal years 23/24 and 24/25 downwards as we had higher Capex spending in our model before. As the share price has been trading 20% below NTA, the company opts not to issue new shares and is now spending Capex below historic averages. On the other hand, a lower debt-ratio's has been a more important factor for share price performance than EPS growth. Hence, we maintain our target price at EUR 76 based on our DCF calculation. Retail estates owns a well-di...
We enter 2024 cautiously optimistic on the real estate sector on the back of the rates outlook and appealing valuations. We are positive on companies that have easy access to capital as this could be a good time to be ambitious and speed up growth with acquisitive deals. For companies with high LTV (and trading at an NTA discount) we expect an accentuated effort on disposals with the aim of being ‘investment neutral' where possible, ahead of taking any potentially painful equity decisions. The c...
2023 was a year of growing divergence2023 can be characterized as a year that was almost entirely dominated by the CPI question: “Is inflation coming down fast enough to allow the European Central Bank and the Fed to stop raising the rates or even lower them”? Every CPI and employment figure resulted in sharp reactions in share prices. On top came the question whether we entered a recession. There was no clear answer and the expected recovery in China was much softer than expected. Altogether th...
The sentiment on consumer spending was relatively muted with spending from consumers under pressure in certain area's. Retailers that are “price followers” suffer more as it is hard to raise prices for them. City center tenant rents have been under pressure for a long time, now some tenants could come under pressure if they have low margins. As RET has mostly high margin tenants, CEO is not too worried, but tone remains cautious. Also some cities that are under pressure financially have been inc...
HY results closed Sept. 30 - EPRA results at EUR 44.5m, up 14% YoY on the back of strong indexation and the contribution of last year's acquisitions. EPRA EPS landed at EUR 3.13 per share, up 10.2% YoY.Occupancy stood at 98.12%, up 4bps vs March end.Portfolio fair value stood at EUR 1.93bn, up 2.2% vs March end due to portfolio expansion and positive portfolio revaluation (+EUR 40m). Gross yield stands at 6.94%, stable vs March end. Debt ratio declined 23bps to 44.54%. Including the acquisi...
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